Thanks for your help guys, here is where I'm currently at. Replaced the graphics card, NVIDIA GeForce 7300 GT 256 MB, with a brand new one, same card. Started up perfectly. It ran perfectly up until the other day when I started it up with my AKAI MPK49 (MIDI controller) plugged into USB. All of a sudden it's dead again, going through Apple logo and dead ending on grey screen. Did all the requisite trouble shooting. I've now gone as far as to backup my stuff and wipe the hard drives and do a fresh Lion install. Didn't choose to reload any files so I have a fully stock version of Lion installed with none of my programs or files or anything and I can still only get it to boot into Safe mode. Just goes to grey screen after Apple logo. Went as far as replacing the watch battery inside the computer. Scratching my head at this point. After failed starts I have gotten the "your computer restarted because of an error" or whatever it says message. Script from this is as follows, not sure if it may shed any light on the issue. Could there be a problem with the video card being read or something? Obviously I'm not a computer scientist and I appreciate all comments. Thanks again.
Interval Since Last Panic Report: 1727 sec
Panics Since Last Report: 1
Anonymous UUID: 14BCF3DF-05C5-4FD6-BF07-C26B7FA4B7C7
Thu Jun 4 00:40:27 2015
panic(cpu 1 caller 0x2ceabf): Kernel trap at 0x5efb8978, type 14=page fault, registers:
CR0: 0x8001003b, CR2: 0x72336000, CR3: 0x00100000, CR4: 0x00000660
EAX: 0x71336000, EBX: 0x0868fc04, ECX: 0x01000000, EDX: 0x01000000
CR2: 0x72336000, EBP: 0x5d0b34b8, ESI: 0x07aac004, EDI: 0x0890a404
EFL: 0x00010206, EIP: 0x5efb8978, CS: 0x00000008, DS: 0x00000010
Error code: 0x00000000
Backtrace (CPU 1), Frame : Return Address (4 potential args on stack)
0x5d0b3318 : 0x2203de (0x6b08cc 0x5d0b3338 0x229fb0 0x0)
0x5d0b3348 : 0x2ceabf (0x6bd9e0 0x5efb8978 0xe 0x6bd989)
0x5d0b33f8 : 0x2e5564 (0x5d0b3420 0x5d0b3408 0x5d0b3418 0x5efa6eb0)
0x5d0b3418 : 0x5efb8978 (0xe 0x48 0x2e0010 0x10)
0x5d0b34b8 : 0x5edc2167 (0x89df004 0x7aac004 0x1000000 0x7aac004)
0x5d0b34d8 : 0x5ed9ad2b (0x7aac004 0x868fc04 0x0 0x1000000)
0x5d0b3508 : 0x5ed9e8d5 (0x1000000 0x1050ffc 0x0 0x0)
0x5d0b3618 : 0x5ed9f49d (0x1f 0x5d0b3728 0x40 0x5d0b3648)
0x5d0b3708 : 0x5f0aefb4 (0x7aac004 0x9411804 0x5d0b3728 0x3)
0x5d0b3748 : 0x5f0b83b7 (0x7aac004 0x9411804 0x3 0x0)
0x5d0b3798 : 0x5edac690 (0x7aac004 0x3 0x0 0x0)
0x5d0b37d8 : 0x5edae37c (0x7aac004 0x93fc004 0x0 0x0)
0x5d0b3878 : 0x5efbc1e5 (0x7aac004 0x3e 0x0 0x0)
0x5d0b38e8 : 0x5efc0034 (0xc1d00021 0x8000000 0x41 0x2)
0x5d0b3a98 : 0x5efc0fad (0x0 0x600d600d 0x703a 0x5d0b3ac0)
0x5d0b3b58 : 0x5f1b67ee (0xc1d00021 0x8000000 0x41 0x2)
0x5d0b3bd8 : 0x5f199657 (0x47d67000 0x5d0b3e00 0x5d0b3bf8 0x5f1b9de3)
0x5d0b3bf8 : 0x5f1aafcd (0x47d67000 0x5d0b3d98 0x0 0x2d3a52)
0x5d0b3d28 : 0x5ef58bfe (0x47d67000 0x1 0x5d0b3d98 0x84)
0x5d0b3d78 : 0x5e5702dd (0x89e8800 0x1 0x5d0b3d98 0x84)
0x5d0b3dd8 : 0x5e570a84 (0x89e8800 0x19 0x5d0b3e00 0x60a3a6)
0x5d0b3e28 : 0x5e571457 (0x89e8800 0x2 0x5d0b3e58 0x609fea)
0x5d0b3e88 : 0x5e668326 (0x89e8800 0x70777273 0x2 0x5e672fe0)
0x5d0b3eb8 : 0x5e66848c (0x89e8800 0xb1 0x5d0b3ee8 0x5e673055)
0x5d0b3ee8 : 0x5e66d9e0 (0x8a3b900 0xb1 0x562e5028 0x7b82028)
0x5d0b3f28 : 0x66434a (0x8a50400 0x89e2f00 0x1 0x2c557d)
0x5d0b3f68 : 0x663198 (0x89e2f00 0x89e8800 0x5d0b3f98 0x22f7f0)
0x5d0b3fa8 : 0x663014 (0x8a50400 0x8a50400 0x8a5041c 0x7ff8000)
0x5d0b3fc8 : 0x2c7d0c (0x8a50400 0x0 0x10 0x80fea90)
Kernel Extensions in backtrace:
com.apple.iokit.IOGraphicsFamily(2.3.4)[EE3F8FBE-3457-4F0E-A3A3-B9B1A44DCF6B]@0 x5e65a000->0x5e68dfff
dependency: com.apple.iokit.IOPCIFamily(2.7)[8087C029-833E-4B62-A8C3-2B074B4C55F7]@0xade000
com.apple.iokit.IONDRVSupport(2.3.4)[393829BA-614C-4ED7-B4AD-CE577A41C683]@0x5e 56c000->0x5e57cfff
dependency: com.apple.iokit.IOGraphicsFamily(2.3.4)[EE3F8FBE-3457-4F0E-A3A3-B9B1A44DCF6
Model: MacPro1,1, BootROM MP11.005C.B08, 4 processors, Dual-Core Intel Xeon, 2.66 GHz, 4 GB, SMC 1.7f10
Graphics: NVIDIA GeForce 7300 GT, NVIDIA GeForce 7300 GT, PCIe, 256 MB
Memory Module: DIMM Riser A/DIMM 1, 512 MB, DDR2 FB-DIMM, 667 MHz, 0x830B, 0x4E54353132543732553839413842442D3343
Memory Module: DIMM Riser A/DIMM 2, 512 MB, DDR2 FB-DIMM, 667 MHz, 0x830B, 0x4E54353132543732553839413842442D3343
Memory Module: DIMM Riser B/DIMM 1, 512 MB, DDR2 FB-DIMM, 667 MHz, 0x830B, 0x4E54353132543732553839413842442D3343
Memory Module: DIMM Riser B/DIMM 2, 512 MB, DDR2 FB-DIMM, 667 MHz, 0x830B, 0x4E54353132543732553839413842442D3343
Memory Module: DIMM Riser A/DIMM 3, 1 GB, DDR2 FB-DIMM, 667 MHz, 0x802C, 0x3138484631323837324A4436363744364434
Memory Module: DIMM Riser A/DIMM 4, 1 GB, DDR2 FB-DIMM, 667 MHz, 0x802C, 0x3138484631323837324A4436363744364434
AirPort: spairport_wireless_card_type_airport_extreme (0x14E4, 0x87), Broadcom BCM43xx 1.0 (5.10.131.36.15)
Bluetooth: Version 4.0.8f17, 2 service, 18 devices, 0 incoming serial ports
Network Service: Wi-Fi, AirPort, en2
PCI Card: NVIDIA GeForce 7300 GT, sppci_displaycontroller, Slot-1
Serial ATA Device: ST3250820AS P, 250.06 GB
Serial ATA Device: ST3500630AS P, 500.11 GB
Parallel ATA Device: PIONEER DVD-RW DVR-112D
USB Device: hub_device, apple_vendor_id, 0x911c, 0xfd500000 / 2
USB Device: Apple Cinema HD Display, apple_vendor_id, 0x921c, 0xfd520000 / 3
USB Device: Bluetooth USB Host Controller, apple_vendor_id, 0x8206, 0x5d200000 / 2
FireWire Device: built-in_hub, 800mbit_speed